Australian-born non-alcoholic spirit firm Lyre’s is celebrating the completion of its newest funding spherical, pulling in almost £18 million ($34 million) to assist bolster its provide chain and world stock.
Led by worldwide traders DSquared and Morgan Creek Client Fund, the newest increase noticed present traders tip extra funds into Lyre’s as a present of confidence within the firm that’s capitalising on the demand for premium non-alcoholic drinks.
The profitable funding spherical was capped off with the appointment of Paul Gloster as CEO – a reward for his work in serving to Lyre’s progress.
“I’m humbled to be given the chance to guide Lyre’s into a brand new chapter of progress and construct upon our imaginative and prescient of fixing the way in which the world drinks,” Gloster mentioned.
“Our new expanded management construction ensures accountability throughout all our strategic priorities and enterprise features. I’m excited to work with such a succesful and passionate staff that’s energised and able to lead the enterprise into our subsequent thrilling stage.”
Lyre’s was fashioned in Australia in 2019 and has gone on to develop into one of the crucial recognised and celebrated non-alcoholic spirits firms on the planet, choosing up awards in spirits competitions in London, San Diego, and San Francisco.
With its newest increase, Lyre’s will look to safe its world provide chain, boosting manufacturing and stock shares because it strives to satisfy rising demand.
Non-alcoholic spirits, cocktails, wines, and beers are having a second as individuals come to phrases with the well being implications of alcohol however nonetheless wish to benefit from the occasional tipple.
On Thursday evening non-alcoholic cocktail firm Bare Life raised $3 million on crowdfunding platform Birchal because it appears to broaden into the US and UK whereas sustaining its dominance of the Australian market.
Earlier this 12 months we noticed Byron Bay drinks startup Organica Beverage Co launch devoted non-alcoholic model Dayse.
During the last 4 years, Lyre’s has saved rising because it topped up funding with $16 million, $9 million, and was valued at $500 million in 2021.
The corporate’s chairman Greg Bundy mentioned Lyre’s success has absolutely been a results of the staff working laborious behind the scenes.
“I’m not solely grateful to every of them, however I’m actually impressed by their uncompromising ardour and dedication to altering the way in which the world drinks,” Bundy mentioned.
“Take our provide chain leads, who’ve labored tirelessly to ship our manufacturing efforts globally.
“Now, with the assist of our investing companions, we will present extra sources, improved manufacturing, and infrastructure to assist our valued clients all over the world.”
Lyre’s donates 100 per cent of the gross sales from its Pink London Spirit gin various to the McGrath Basis.